Items Tagged with 'Manufactured default'

ARTICLES

  • 2012: The year of loss mitigation

    2010 was the year of the mortgage modification. That largely failed. 2011 was the year of the short sale. That also largely failed. Combine the failure of the two to reach desired goals, and 2012 will turn out to be the year of loss mitigation. Mortgage servicers are finally developing the necessary strategies for using all guns in the arsenal to settle distressed mortgages. The American public will likely hate them for it, but mortgage finance players will recognize the value of tailoring solutions on a per-borrower basis.
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  • A new path for homeowner connectivity

    Mortgage lenders, servicers and insurers should ensure a reliable, two-way connection to homeowners. This vital link can influence delinquency and foreclosure rates long before payment problems occur, according to Frank Pallotta, managing partner of Loan Value Group.
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  • Robo-signer technicalities only a portion of mortgage industry's problems

    The press has had a field day with foreclosure difficulties and robosigners in the last couple of weeks. In reality, such problems pale in comparison with the difficulties already existing in the industry. For the past year or more, mortgage servicers have struggled with selling properties taken back in foreclosures. Such disposition delays have cost the industry dearly, and will continue to do so. In response, some in the industry delayed foreclosures. Some banks allowed greater time for borrowers to affect short sales. Others took more time to modify loans, hoping to avoid foreclosure.
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  • Are 'Affordable Mortages' a Myth?

    An interesting research paper released last week by researchers at the Federal Reserve Bank of Boston takes a critical look at the nation's foreclosure problem, and finds evidence that conflicts directly with what many have assumed is common knowledge -- the idea that borrowers are stuck in 'unafforable mortgages,' and need strong government intervention in modification efforts to make their mortgages more affordable.
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  • House Committee to Servicers: Forbear

    House Financial Services Committee chairman Barney Frank (D-MA), along with other committee members, sent a letter on Tuesday afternoon to senior servicing executives looking to persuade them to engage in forbearances with troubled borrowers, until the so-called Hope for Homeowners program tied to a recently passed housing bill takes effect on October 1. Read full letter.
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